KPMG reports: California, Louisiana

KPMG reports: California, Louisiana

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California: A state court held that merchandise return certificates, issued by a retailer for merchandise returned without a sales receipt, were not subject to California’s unclaimed property law.

California: A state trial court held that a taxpayer’s gain on the sale of a minority interest in an IT company constituted business income that was apportionable to California.

Louisiana: The Louisiana Supreme Court held that materials, machinery, and equipment that became part of a drilling barge during its reconstruction following a fire were exempt from parish sales and use taxes.

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